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Estate planning considerations when you have a blended family

On Behalf of | Mar 3, 2023 | Estate Planning |

Estate planning is a complex venture for everyone, but it can become more complex when you have a second marriage with children. When it comes to estate planning, there is no guarantee that everyone will be happy with your choices, but you can make sure that you feel satisfied with your estate plan.

Fortunately, some considerations can minimize fighting within the family.

Update your wills and trusts

If you forget to change your will when you remarry, your estate plan may not account for your new spouse or any children you have with your second spouse. Discuss your estate plan with your family to minimize fighting over your decisions. Determine who will receive essential family items, particularly if they have sentimental value.

Treat your heirs according to their needs

One major source of fighting between heirs has everything to do with what they deem fair. You should try to treat everyone as equally as possible. However, this does not mean that everyone should receive an equal amount. For example, if you have a child with special needs, he or she may need more money in a trust for caregiving than an independent child with a large income source. Treat each person as an individual with his or her own needs to show the thoughtfulness of your estate plan.

With every major life change, make sure that you update your beneficiaries. When you remarry, you do not want to discover that your former spouse is the beneficiary of your retirement or life insurance accounts.